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This trait reduces the Action Point cost of all throwing and firearm attacks by 1, but does not allow making Aimed Shots. Despite the description, in Fallout, it actually reduces the cost of all weapons, not just throwing and firearms, but this was fixed in the later games.

This trait reduces accuracy with energy weapons and guns by 20% while increasing the fire rate by 20%. This reduction in accuracy reduces the chance to hit when firing in V.A.T.S. and increases the amount of sway when taking zoomed shots out of V.A.T.S. This trait does not increase the firing rate of automatic weapons.

Fast Shot is arguably better for sniper weapons. For example, the anti-materiel rifle has a spread of 0.015 and a fire rate of 0.4. With Fast Shot, this would increase to 0.018, and the fire rate increases to 0.48, a negligible difference either way that would probably not see influential use.

Note that this trait will reduce maximum accuracy in V.A.T.S. to 76% (not the case on PC). This can be negated by the Gunslinger, Commando, or Sniper perks.

Fast Shot multiplies attack speed by 1.2 and accuracy by 0.8, while Trigger Discipline multiplies attack speed by 0.8 and accuracy by 1.2. So you end up with a 4% (= 100% - (100% * 0.8 * 1.2)) decrease of both accuracy and attack speed if both traits are taken.

“You don't have time to take aim because you're too busy firing off shots as fast as possible. It costs you one less Action Point to attack with firearms and thrown weapons, but you cannot make targeted attacks with firearms and thrown weapons.”— In-game description of the trait in Van Buren

This trait reduces the Action Point costs of all Firearms and Thrown weapons by 1, but also disallows making targeted attacks with such weapons.

During the charge phase, the player's character can fire a firearm instead of just charging (eliminating an action phase of that round), but critical hits with firearms always come in 6 point increments.